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September 20, 2019
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MULTIFAMILY NEWS
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Davlyn Investment Pays $60 Mil for Riverside Multifamily Community

8/05/19

Davlyn Investments purchased Metro Gateway, a newly-built, 187-unit multifamily community in Riverside, for $60 mil ($321k/unit) in an off-market transaction. Built in 2017, the Class A+ property was sold by MBK Rental Living. The purchase marks Davlyn’s 11th acquisition in the Inland Empire.

The property is located at 3411 Grande Vista Pkwy, adjacent to the Riverside-La Sierra Metrolink rail station, which is second only to Los Angeles’s Union Station in ridership. The property is walkable to multiple neighborhood grocers and restaurants.

Unit amenities include expansive 9- and 10-foot ceilings, upgraded kitchens with stainless-steel appliances and an in-unit, full-size washer and dryer. The complex also features a resort-inspired pool and spa, state-of-the-art two-story fitness center and outdoor lounge with fireplace. The pet-friendly community even has a pet wash station.

Sean Deasy and Ryan Fitzpatrick with JLL represented MBK Rental Living in the sale. Ryan Blair with City National Bank arranged financing.

“Increasing living and business costs in Los Angeles and Orange County are driving businesses and households to the Inland Empire in droves,” notes Jon Williams, CEO of Davlyn Investments. “Its population growth of 9.4% since 2010 bears this out. Metro Gateway’s southwest Riverside address uniquely situates it between the Los Angeles, Orange County and Inland Empire employment markets, thus allowing it to capture these demographic changes.”





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